Investment SFR in Coachella

Investment SFR in Coachella

Property Address

83660 Avenue 53, Coachella, CA 92236
  • Loan Number: 7991
  • APN: 767-270-006-5
  • County: Riverside
  • Appraised Value: $753,000.00
  • Loan Amount: $475,000.00
  • Loan Position: 1st
  • LTV (Loan to Value): 63%
  • Term: 36 Months

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SUBJECT PROPERTY: 83660 Avenue 53, Coachella, CA 92236
3-bed/2-bath SFR; 1786 sq ft w/2-car attached garage on a 9.58 acre lot
APN: 767-270-006-5 (Riverside Co)
APPRAISED VALUE: $753,000.00
LOAN AMOUNT: $475,000.00
INTEREST: 10.25%
TERM: 36 mos
LTV: 63% of purchase price
There is a late charge of 10% of the payment (after 10 days)
There is no prepayment penalty on this loan
This loan is partially amortized
This loan contains a balloon payment
SPECIFICS:  Our borrower has a mid-FICO of 684; he purchased the 9.58 acres in 2012 for $375,000, and completed the home construction in early 2017. The property was rented for festival season, and after paying off the existing first of $315,000 the remaining loan proceeds will be used to furnish the home in a more upscale manner, landscape the property, and add fruit and palm trees for his side business. The property will be listed as an Airbnb rental property.